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Found out my TFSA was just sitting in cash for 3 years and I never noticed
Opened my banking app last Tuesday to move $500 into my savings and happened to click on my TFSA instead. It had $11,200 sitting there earning basically nothing since 2021. I thought I had set it up to buy a balanced fund but apparently I only completed the first step and the money just parked itself. Called the bank and the rep said this happens a lot when people open the account online and don't finish the investing part. Lost out on a good chunk of growth over those 3 years and I kept telling myself I was being smart with my money. Now I'm trying to figure out what to actually put it in. Has anyone else opened a TFSA and just left it in cash without realizing it?
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michael66921d ago
That "I only completed the first step" part is what gets me. Did the rep actually tell you if the bank sends any kind of alert when money lands in the account but nothing gets bought? I'm asking because I want to know if this is a system issue or if they just count on people not checking. Also, when you opened it, did you pick the fund yourself or did someone at the branch walk you through it? Trying to figure out where the drop-off happens for most people.
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